• Barossa producing at 97% of planned rates, two project cargoes loaded
• Pikka phase 1 progressing toward plateau, targeting 80,000 bbl/day gross
• Second-quarter production of 23.1 mmboe, first-half at 45.6 mmboe
• Sales revenue $1,349 million for the second quarter, 6% increase
• Free cash flow impacted by commissioning costs and cargo timing

Santos Ltd's second-quarter report for 2026 highlights operational progress and financial performance. The Barossa project is now producing at 97% of planned rates, with two project cargoes loaded towards the end of the quarter. Pikka phase 1 is progressing toward plateau, with initial production wells delivering approximately 23,000 bbl/day. Santos expects plateau production of approximately 80,000 bbl/day (gross) in the third quarter of 2026. Production for the second quarter was 23.1 mmboe, a 3% increase from the prior quarter, with first-half production at 45.6 mmboe. Sales revenue for the second quarter was $1,349 million, a 6% increase from the prior quarter. Free cash flow from operations was impacted by commissioning costs, cargo timing, and an under-lift position in PNG, but Santos expects higher realised LNG pricing and production in the second half of 2026 to drive free cash flow.

Full-year production guidance narrowed to 99 to 105 mmboe, with expected higher realised LNG pricing in H2 2026.

Santos expects continued strong production growth in the third quarter as Barossa maintains steady state production and Pikka grows to plateau rates. Higher realised LNG pricing is expected in the second half of the year.